Forex Trading Brokers – Best choice 2021, best forex broker 2021.

Best forex broker 2021

Regulation: cysec CFD service. Your capital is at risk

Forex trading brokers – best choice 2021

This post is also available in: indonesia

New forex bonuses

The best forex brokers, according to the editorial board, for 2020. High level of popularity in your country. A convenient platform, a large selection of account types, and the ability to complete training.

These platforms have been tested over time and by many users. When choosing the best forex broker, you need to take into account the trust of users in it. We only provide reviews, the choice of broker is up to you.

Who is an FX broker?

The forex broker is the institution that connects you to the online currency exchange. They work with liquidity providers like large banks that are considered FX dealers.

Top forex brokers for your country:

Updated january , 2020

CFD service. Your capital is at risk

Regulation: cysec, FCA, IFSC

CFD service. Your capital is at risk

Regulation: BVI FSC, cysec

CFD service. Your capital is at risk

Regulation: mifid, CBI, FSA, ASIC, SFB, BVI, FSCL

CFD service. Your capital is at risk

Regulation: cysec

CFD service. Your capital is at risk

CFD service. Your capital is at risk

Regulation: IFSC, cysec

CFD service. Your capital is at risk

CFD service. Your capital is at risk

Regulation: ASIC, cysec, IFSC

CFD service. Your capital is at risk

Regulation: FSC mauritius

CFD service. Your capital is at risk

Regulation: FCA, cysec, MAS, IE, ASIC, AFSL, FMA, FSP

CFD service. Your capital is at risk

Regulation: FCA, cysec, ASIC

* amount to be credited only for a successful outcome.

This post is also available in: indonesia

Copyright 2021 best brokers , all rights reserved.

Cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading cfds. You should consider whether you can afford to take the high risk of losing your money.

Fxdailyreport.Com

The question of choosing the best forex broker for beginners is a matter that any trader who wants to succeed in forex trading has to consider very seriously. Unfortunately, the subject is never mentioned in most of the so-called “intensive” forex seminars that many retail traders attend before putting their money into this risky market. Retail traders cannot trade the forex market directly. They can only do this through the services provided by forex brokers, who provide the trading platforms that connect all the players of the market together.

There is a huge difference between trading forex for beginners and when more experienced traders trade forex. There are certain needs beginner traders have and these must be reflected in the choice of the best forex broker for beginners. Choosing the best forex brokers for beginners must incorporate as an integral goal, helping such beginner traders to make progress in their learning curve.

Top recommended forex brokers for beginners

broker	info	bonus	open account
	min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
	min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
	min deposit: $5 spread: from 0 pips leverage: 888:1 “*this leverage does not apply to all the entities of XM group.” regulation: ASIC, cysec, IFSC belize	“50% +20% deposit bonus up to $5,000, loyalty program bonus “*clients registered under the EU regulated entity of the group are not eligible for the bonus and the loyalty program”	visit broker
	min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
	min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
	min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
	min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
	min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
	min deposit: $10 spread: leverage: regulation: cysec	-	visit broker
	min deposit: $200 spread: from 3 pips leverage: 400:1 regulation: NFA, FCA, cysec	visit broker

How to choose the best forex brokers for beginners

There are many forex brokers out there; you will get the good, the bad and the very ugly. Choosing a suitable broker is indeed a daunting task. The sweetly-worded and glamorously designed sales pages have conspired to make this so. You need to be able to sift the wheat from the chaff so your requirements are met and safety of your funds guaranteed.

What should you consider when choosing the best forex brokers for beginners?

1) regulation
regulation comes first on the list because if a broker is tightly regulated, 70% of broker-related issues suffered by traders would have been solved. The forex market in itself may be unregulated as there is no centralized exchange, but companies who do the business of forex brokerage are under regulatory supervision. In the US, this job belongs to the national futures association (NFA) and commodity futures trading commission (CFTC). Recently, the CFTC punished a forex broker and ordered them to pay $14 million in fines and compensations to clients for trading-related infractions. This is how powerful the regulation in the US can be and underscores the importance of ensuring that brokers are subject to regulation.

In the european union, brokers are subject to the mifid regulatory protocol. The financial conduct authority does the business in the united kingdom. It is very easy to verify a broker’s status from any of these agencies, especially as many brokers now operate branches from different continents. Information about a broker’s track record is also obtainable from the various online forex forums we have out there on the internet.

The best online forex brokers for beginners are those who are regulated. Regulation affords traders a high level of protection. Beginners are like babies; vulnerable and blissfully unaware of the dangers around them. They therefore need all the protection they can get and using a regulated broker affords them this protection.

2) customer service
A good forex broker should have a direct channel customer support system. In today’s financial trading world, having an instant response email, call me back and live chat feature are very basic requirements. It is simply unthinkable that a broker who makes so much money from commissions and spread charges cannot afford to put in place such instant communication systems. So the best forex trading brokers for beginners are those who provide a means of instant and fast communication.

3) transparent trading process
one practice that poses problems to all traders is lack of transparency among brokers. One of such practices is stop hunting. This is a practice of some unscrupulous market maker brokers who move prices using a dealing desk to stop out trades even when true market prices are still a few pips away. Forex capital markets (FXCM LLC) was punished some years back by the CFTC for this infraction. Beginner traders are usually unaware of such practices. Experienced traders usually know how to navigate these bumps along the way but this is not the case for beginners. Stop hunting, excessive slippages and platform freezes are things to look out for and where these occurrences are regular with a broker, you need to avoid such a broker like the plague. So trusted forex brokers for beginners are those who provide transparency in pricing and other trading operations, thus providing a level playing field.

4) trading software
top forex brokers for beginners are those who provide user-friendly trading software for their clients. A user-friendly platform makes the trading process less stressful. Many proprietary platforms make the job of trading difficult, with confusing interfaces or multi-step ordering processes.

5) education portal
the best forex brokers for beginners are those who realize that those clients of theirs who are new to the game require some help in the form of educational material so they know what they are getting into. This is why many brokers now have portions of their websites devoted to educational resources. A lot of these resources are put together by experienced traders and can provide a comprehensive learning experience for beginner traders.

6) social trading
finally, the best forex brokers for beginners are those which offer social trading platforms for their beginner traders. Social trading provides a form of mentoring for beginner traders by allowing them to copy the same trades that the experienced traders are executing on the platforms. Trading in such communities simulates the same mentoring setup which is found in institutional trading desks. So if a forex broker offers social trading, such a broker is well on its way to being described as one of the best forex brokers for beginners.

Our recommended: join etoro social trading connects over 5 million traders worldwide

You can see that there are many issues that beginner traders must consider before choosing a forex broker. The best forex brokers for beginners are those which actually contribute to the trader’s learning experience. Beginners should look out for these brokers using the parameters spelt out above.

Related articles of best forex broker for beginners

Best forex broker for 2021 ( ECN brokers)

The forex market deals with the trading of forex currency. It trades a volume of around $5 trillion every day. In forex, trading with the best forex broker will generate maximum profit in the transaction. We have done thorough research on the forex market. You will get information about top forex brokers on our website. We will provide all information to choose the best forex brokers for beginners as well.

What is forex trading?

Forex is simply exchanging one currency with another one. The buyer & seller exchange foreign currency with each other at a specific price. The national currencies of the different countries are traded in this market. The forex market has no central hub. It’s a global digital(electronic) platform with end nodes in brokerage houses, financial firms, & central banks. Trading takes place 24 hours in the forex market.

Like other businesses, forex trading aims to earn a profit on investment. Currency conversions make the price movement of some currencies immensely volatile. This volatility makes the trading captivating. The volatility of the market increases the chance of making a profit. On the other hand, an increase in volatility escalates the risk too. The best forex broker would give you the advice to trade for increased profit minimizing the loss.

Best forex broker (ECN brokers)

15% bonus

100% bonus

100% bonus

What is the forex broker?

You need to get access to the trading platform for exchanging currency pairs, i.E., buying & selling the currency. The forex broker is the financial service organization that will give you this access to the trading platform. Investors for a large organization, currency speculator, are the broker’s client. An individual brokerage firm contributes a small portion to the total foreign exchange market.

Top forex brokers trade with outstanding trading plans & strategies. On buying the currency pair, the trader opens the trade. He sells the same currency pair & thus closes the deal. Through the best forex broker, the trader closes the transaction on a high exchange rate & makes the profit.

For example, a trader wants to trade the EUR/USD pair. He buys the euro using the US dollar. He would close the trade on selling the pair. The sale price is equivalent to the buying price of US dollars with euros. Now about the profit & loss, the trader will make a profit if the exchange rate is higher while selling, i.E., on closing the trade. If the rate is low, he incurs the loss.

Forex terminology

To get complete guidance about the forex market, first, let us introduce some important forex terms.

Currency pair

Two different currencies form a currency pair, i.E., base currency & counter currency. For example, EUR/USD. You will buy euro & sell the US dollar when buying the pair. While selling, you sell US dollars & buy euro.

The 195 countries use around 180 authorized currencies. The currency pairs are divided into three different categories. They are,

Major pair: you will find the US dollar in the major pair. The other currency of this pair is one from the EUR, AUD, NZD, JPY, CAD, GBP, CHF. For example, EUR/USD, GBP/USD, USD/JPY. The best forex brokers for beginners suggest trading with major pair.

Cross pair: in cross pair, any two currency except the US dollar form the pair. Example – EUR/CAD, NZD/CAD.

Exotic pair: the least popular currencies make this pair. Though less popular, such a pair can be extremely volatile. Rand (south africa), peso (mexica), lira (turkey), forint (hungary), koruna (czech republic), or zloty (poland) form such a pair.

The best forex broker would give the option to trade all categories of currency pairs.

Forex terminology – top forex brokers – best forex brokers for beginners ( ECN )

Exchange rate

The price at which the trader trades one currency for another one is the exchange rate. For example,

Let us take 5 $/€ as the exchange price between the dollar & the euro. You will buy one euro spending 5 dollars. Exchange rates are mostly 1. Floating & 2. Fixed.

Floating exchange rate: the exchange price of currencies is flexible. The rate changes with the market condition (like interest rate, price level, future market expectation, etc.). Top forex brokers trade at a favourable floating price to make the profit.

Fixed exchange rate: in this case, the government fixes the currency price with another currency price. Such an exchange rate doesn’t change.

Bid price

The selling price of base currency (or a product) is the bid price. For example, in the quote USD/AUD 1.5/20, the bid price is 1.5. It means one can sell 1 US dollar for 20 australian dollars.

Ask/offer price

The buying price of base currency (or product) is the ask/offer price. For example, in the quote USD/AUD 2.75/20, the ask price is 2.75. It means one can buy 1 US dollar for 2.75 australian dollars.

Spread is the best forex broker‘s ‘no commission’ way of making the profit. The difference between bid & ask(offer) price is the spread. The spread is measured in pip (the smallest unit). Spreads are of two kinds- fixed & variable.

Fixed spread: fixed spread remains the same regardless of market condition. Brokerages that operate the trade as ‘dealing desk’ or market maker offer fixed spread.

Variable spread: this spread changes continuously. The bid and ask price changes too with the variable spread . ‘non-dealing desk’ model operator brokers offer variable spread.

Percentage in point (pip)

Percentage in point (pip) is the 4 th decimal value on a price quote. Example- the price quote of USD/JPY is .0625. It means, 1 US dollar enables you to buy around.0625 japanese yen.

The initial capital the investor uses to open a position is the margin. The best forex broker reviews that, the margin may lead to both profit & loss apart from opening the leveraged trade

The size of trade or position that you would open is the lot. On standard measurement, one lot= 100,000 units of the base currency (of the pair). Euro is the base currency in the EUR/USD. You open the trade in the US dollar means the trade size is $100,000.

Leverage

The ratio of the trader’s fund to the broker’s credit size is the trade leverage. One borrows an amount of capital to increase the return. This borrowed capital is leverage. The leverage is variable. Brokers decide the amount based on market conditions. Usually, the top forex brokers prefer to trade with high leverage.

Let us give an example. A trader would require around $130,000.00 to trade the GBP/USD pair without leverage. The costs reduce to only $260.00 ($130,000.00/500= $260) using 1:500 leverage.

Long & short

The trader can go long or short. When you go long, you buy the first part(currency) of the pair and sell the second part. And, you expect the price will rise. Going short means you sell the first part and buy the second currency. You expect the price will reduce.

Forex market categories

There are three types of forex market. The best forex broker would keep the option open to trade in whichever you feel comfortable.

Forward forex market

It is the OTC (over the counter) market where the price is decided for future delivery. The price is determined on the interest rate discrepancies basis. Top forex brokers usually trade on EUR/USD, USD/JPY, and GBP/USD currency pairs. There is no restriction on date & quantity. So, they generally meet investor’s expectations more precisely. You can trade in a forward contract on a public exchange.

Future forex market

In the future market, the price, quantity are defined for a specified period. It has less flexibility compared to forward future market. Such a market usually has an expiration date & contracted amount. Future contracts are not traded on the exchange.

Spot forex market

In the spot market, assets & currency are delivered immediately after the transaction. It is also called the ‘cash market’ or ‘physical market.’ the exchange price at which trading takes place in the market is termed as the spot exchange rate.

The forex market provides equal opportunities for level investors from beginners to experts. It is true, like every other business, you may find difficulty in trading at the beginning. In that such a case, we suggest you trade with the best forex brokers for beginners. They will provide significant educational resources & materials. Going through the resources, you will learn how you should trade forex to earn the profit.

How the forex broker makes a profit?

The best forex broker will surely make his profit from the trade. As you will invest your hard-earned money in this business, you should know how your money will work as a profit to the brokerage.

The top forex brokers make money in two ways – through spread & commission.

The broker may not offer you a charge for the currency exchange. Do you think they will compromise with their benefit in this case? Of course not! They sometimes widen the spread & take a portion of the money as their profit. The forex market is extremely volatile. So in the case of variable spread, you may end up with a large amount of money. Be always careful about how the brokerage would ask you their fee.

There is some broker who asks for an amount of commission on the trade. This transaction charge is their profit from work.

While choosing the broker, don’t forget to pay attention to how you will pay the brokerage charge?

Advantages of trading forex – best forex brokers for beginners ( ECN )

Advantages of trading forex

Trading with the best forex broker brings lots of benefits. Some of the trade benefits are,

High liquidity

By liquidity we understand, the ability of a product/ item to get converted in cash. The forex market offers high liquidity. That is, a large volume of currency can be transferred in the money and vice versa.

Low transaction cost

Typically spread is the transaction cost in the forex market. Or, the broker may ask for commission. In both ways, top forex brokers make their profit. The charge of currency exchange is comparatively less with other uprising business.

Use of leverage

The best forex brokers offer a significant amount of leverage on trade. Using leverage, the investor can trade with a higher amount of money than they have in the account. For example, trading at the 50:1 leverage, using only $1000 (as capital), you can control $50,000 trade.

Make your profit from the rise and fall of currency price

Directional trading is absent in the forex market. There is no particular period for the transaction. You can buy the currency pair when you think the price is going to increase. When you feel the pair value would decrease, you can sell it.

As the price is continuously changing, adapting different forex strategies will help you to trade better. If you are new in this business, then look for the best forex brokers for beginners. They will teach you to trade in this volatile market.

Trade using the demo account

You can learn forex trading using a demo account before trading with real money. Using a demo account is free. It is safe because you invest ‘play money’ & not the real money to test the trading trend. Ultimately the entire capital is kept intact. The best forex broker would always offer a demo account.

A 24/5 market

The market is open for 24 hours. Forex trading is available five days a week. You will trade at a suitable time. The forex market runs trade in three major time zone varying the region (country). You can trade according to your time zone.

The forex market is such a place where you should invest wisely. Learning forex is not a matter of one single day. The newcomer in this business should trade with the best forex brokers for beginners. You will find hundreds of brokerages once you look for the one. The top 10 ecn forex brokers would be the one who meets your trading requirement.

Best forex brokers in india 2021

Overview

Trading foreign exchange in india involves quite a few limitations and legal issues. In india, the reserve bank oversees foreign exchange transactions while the securities and exchange board of india (SEBI) is the principal regulator of the stock market. The role of SEBI is to regulate the capital markets in india. Forex brokers based in india are licensed under FEMA. Currency pairs that don’t have the indian rupee as the quote currency are restricted from being traded in india unless a specific transaction is authorized by the indian government.

Forex brokers in india are only allowed to offer indian rupee based currency pairs for USD, EUR, GBP, and JPY because if the majority of indians traded the dollar (which is the most traded currency) outside of india, the reserve bank of india would come to a point to be compelled to buy the USD with INR at cheaper rates. That would weaken the already weak indian rupee.

Due to an increase in financial scams involving foreign exchange brokers in india, the government was forced to severely restrict the way citizens can operate in the forex market.

It would seem that while the reserve bank of india (RBI) has many restrictions around trading, there are ways for residents to trade. If you want to open an account with a foreign-based broker, you should at all costs avoid wire transfers from banks or any other financial institutions based in india or a credit or debit card issued by an indian entity to fund a forex trading account. Instead, deposit through an electronic wallet like paypal or neteller.

Not all forex brokers are created equal, so make sure your needs as a trader are adequately met by the forex broker you select before committing any funds.

The best forex brokers in india

If you’re from india and looking for a reliable online forex broker, the list below names some of the best online FX brokers outside of india but regulated by reputable financial authorities.

Saxo bank

We selected saxo bank as the best site for forex trading in india on our list based on in-depth analysis and testing the live accounts of 30 online forex brokers. Saxo bank group , a danish investment bank founded in 1992, provides online trading and investment services. Backed by superior research, the saxo bank trading platform is the most user-friendly and well-designed one out there. The extensive product portfolio covers all asset types and many international markets. Saxo capital markets offers an excellent option for advanced forex traders and sophisticated professionals with well-funded accounts.

Saxo bank

PROS

• Extensive range of offerings


• Industry’s best research


• Superior user interface


• Offers protection for client accounts

CONS

• Lack of emphasis on customer service


• Confusing financial instruments fee structures


• No MT4 broker

FOREX.Com

Forex.Com, founded in 2001 as part of GAIN capital holdings, is an established global online forex broker that caters to individuals seeking to trade the retail F.X. And CFD markets. FOREX.Com ranks as the no. 1 U.S. Forex broker by client assets as per FOREX.Com review . One can trade on 80+ currency pairs, equities, indices, commodities, and cryptocurrencies.

FOREX.Com

Forex.Com offers its customers access to the company’s proprietary advanced trading platform for desktop, web trading platform if you prefer to trade via a web browser and mobile trading through apps. The platform has 70+ technical indicators, a host of time intervals, multiple chart types, and 50+ drawing tools.

The leverage available at forex.Com ranges from 0.5% to 20%, depending upon currency pairs.

PROS

CONS

• Equities are not available on the metatrader 4 platform


• Account funding through credit & debit cards and wire transfer

Interactive brokers

Interactive brokers

Interactive brokers (IBKR) ranks very near to the top in our 2021 review due to its wealth of tools for sophisticated investors who are interested in tracking global investing trends. Interactive brokers india pvt. Ltd. Is a member of NSE, BSE, SEBI. The firm makes a point of connecting to any electronic exchange globally, so you can trade equities, options, and futures around the world and around the clock. Interactive brokers has made a great effort to make their technology more appealing to the mass market, and its wealth of tools makes the platform one of the best choices for day traders and more advanced investors who can benefit from the extensive capabilities and customizations. You can know more about its features, trading platforms from our review page.

PROS

• Extremely smart order router


• Wide range of offerings around the world and across asset classes


• Mutual fund replicator finds less expensive etfs

Cons

• Streaming data runs on a single device at a time


• IBKR lite customers cannot use the smart order router


• Small or inactive accounts generate substantial fees

Fxpro

Fxpro

Fxpro is best for forex and CFD traders who want a wealth of choices in trading markets. Their range of forex pairs and the ability to trade equity indices, cryptocurrencies, commodities, and futures set them above competitors in the space. Fxpro competes among the top metatrader brokers, offering the full suite of MT4 and MT5 platforms with multiple accounts and execution methods. The primary drawback to an otherwise balanced offering is pricing that is higher than the industry average.

PROS

CONS

• Relatively high fees


• No anonymous demo account


• Weak educational platform

Etoro

Etoro

Etoro’s social trading platform has provided forex products and more to its retail clients for over 11 years. Etoro platform creates a trading community for users. Etoro’s most popular forex trading features include copytrader, copyportfolios, and the social news feed. Copytrader and copyportfolio give you the ability to locate a successful forex trader and copy their strategy. You can copy 100 traders, and the feature is easy to set up and access. Etoro advocates social trading, where forex traders get to share their strategies and tips. The minimum first-time deposit varies from $50 to $10,000 based on your region and country regulations. Etoro offers leverage of up to 1:400 with a facility of negative balance protection so that you trade comfortably.

PROS

• 2000+ financial instruments


• $100,000 virtual practice account


• Copy-trading and social trading facility

CONS

• Flat $5 withdrawal fees


• Minimum withdrawal amount of $50


• Leverage of 1:400

71% of retail investor accounts lose money when trading cfds with this provider. You should consider whether losing your money is a risk you can take.

Olymp trade forex broker

Olymp trade

Olymp trade is an award-winning broker managed by saledo global LLC and offers leverage up to 500 times. At olymp trade, you can trade commodities, stocks, indices, etfs, currencies, and crypto assets using the olymp trade platform.

PROS

• Access to a demo practice account


• Trading guides and insights


• Profitable fixed time trading

CONS

Octafx

Octafx

Octafx was founded in 2011 and offers forex ECN trading, as well as CFD trading on indices, metals, and cryptocurrencies, across the metatrader and ctrader suite of trading platforms for windows desktop, web (windows and mac), and mobile (android and ios), as well as their own octafx trading app. New fx traders can explore video tutorials and get started with copy trading. You can open an account online with a minimum deposit of $20. Deposits can be made using neteller, skrill, bitcoin, and paytm. You can trade higher limits with a maximum leverage of 1:500 and negative balance protection.

PROS

• Wide range of trading accounts (micro, ECN, pro, sharia) for beginners and advanced traders


• Ctrader ECN platform for automatic (similar to algorithmic) trading


• Access copy trading, bonus promotions, and a wide range of research tools


• Zero commission on deposit & withdrawal


• Customer support available in hindi

CONS

Libertex

Libertex

Libertex is the trading arm of indication investments ltd, a part of the forex club group. Libertex serves indian forex traders and is the perfect choice for those who want to trade across a variety of different industries. Leverage rates on libertex can change dependent on the trades considered by the user. The maximum leverage rate is 1:30.

PROS

• Libertex provides a user-friendly in-house platform


• Low minimum deposit requirement of 10 EUR


• Multiple asset classes


• E-wallet withdrawals processed within 24 hours


• More than 20 years of experience

CONS

• Has only one account type


• Specific commission fees are vague


• Lack of fundamental research


• It can be hard to find bid/ask spreads

X.M. Group

XM group

X.M. Global limited is a subsidiary company of trading point holdings ltd and is regulated by the international financial services commission (belize). X.M. Has over 2.5 million traders from over 196 countries. You can trade over 55 global currency pairs and cfds on indices, commodities, stocks, metals, and energies on its site. XM offers MT4 and MT5 trading platforms across 16 devices (android, ios, ipad, mac, and P.C.) and even on the web through M.T. Web trader. New traders can test their forex trading skills on a demo account that comes with $100,000 of virtual balance.

PROS

• Demo account with $100,000 of virtual balance


• Low minimum deposit forex account


• Negative balance protection

CONS

Wrap up

There are several factors to be taken into consideration before setting up an account with a broker. Forex markets are complicated. Without the right research, novice investors who set up accounts lose money on the very first trade. Good forex brokers publish research reports and provide on-call guidance to help their clients understand the forex market, what factors affect the currency prices, and how to trade. You should trust and trade your money with those forex brokers who offer the best of what has been described in the article. Before you trade global forex, check your forex trading requirements, risk-taking capacity, and local regulations. Not all broker trading platforms are the same, and this is where it gets interesting. Every platform appears to have its advantages and disadvantages. You have to find something you are comfortable with. Another suggestion is that you do not place all of your funds into one broker, especially if you have a substantial amount. If you had, say, $100,000 to trade (which you don’t need!), you shouldn’t be depositing all of this with the one broker. Instead, spread it amongst two or more forex brokers, or keep funds in reserve and only deposit them with your broker if they are required – you will sleep better at night!

Once you have found the right broker to work with, focus on learning as much as you can. This will allow you to trade more confidently and increase your chances of success trading in the forex market.

Best forex brokers

january 2021

rank	broker name	trust score	reviews
1	avatrade	100 / 100	avatrade reviews
2	XM	99 / 100	XM reviews
4	plus500	89 / 100	plus500 reviews

Top forex brokers reviewed & rated

The table above represents our top 5 rated forex brokers for overall performance. We review and rate each forex broker through a manual process and also allow our users to submit their own reviews. We only list regulated forex brokers on our website.

New to forex trading? Your journey starts here

Start your forex trading career on the right foot. Avoid confusion and don't dive in! Forex trading is very challenging and definitely not a get rich quick scheme.

It's also extremely rewarding and you will experience a great sense of satisfaction when you are able to profit from the forex market.

We recommend new traders at the very least read our forex trading survival guide which sums up in a nutshell what you are in for.

We've spent our time to put together a list of the best forex brokers for many different categories which mean you can find the best forex broker for your particular needs.

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Leverage refers to the facility provided by forex brokers to allow you to trade with more money than what’s actually in your account. It’s like a loan, and you are required to put up a deposit of your own funds to secure it. It is commonly known as the “double edged sword” in forex trading. […]

Identifying flaws in profitable forex systems

Disclaimer: bestforexbrokers.Com and this report are not associated with myfxbook.Com in any capacity. We have used publically available information from myfxbook.Com to prepare this report and the views in this report are the opinions of bestforexbrokers.Com only and do not in any way represent the views of any entities mentioned in this report. Report objective with […]

What are the best currency pairs for scalping?

The best currency pairs for scalping are EUR/USD, GBP/USD and USD/CHF due to their stability and liquidity. Forex scalpers trade very tight and can’t afford volatile market conditions. Therefore, our recommended currency pairs are the 3 majors which are known to be very stable in their price movements. Additionally, market liquidity is another very important factor as […]

Unbiased reviews you can trust

Looking for the best forex broker? Look no further. We aim to help you make the right decision by providing you with up to date information on our database of forex brokers. Our reviews are written by forex traders just like you and every claim is verified. After all, the internet can be a place with a lot of false information. Our rules are simple and make it fair for both traders and the forex brokers.

Our simple rules

• Every forex broker on this website must be regulated / hold a license


• Every complaint by a user must be verified (must provide a user ID)


• Forex brokers have the right to respond


• Any deliberate attempt to manipulate or deceive users will result in immediate blacklisting

A lot of forex broker comparison websites tend to recommend the ones that are paying them the most money. We earn advertising and affiliate revenue, but that doesn't stop us from delivering unbiased opinions on our website.

Best forex brokers by country

Quick tips on finding the best forex broker

Although every trader has different ideas on what defines a top forex broker, we are certain that the majority would agree that the safety of their funds is the most important. There have been too many cases where traders have either lost their money or found it extremely difficult to withdraw their own funds. A lot of these issues occur with forex brokers who are unregulated. This means, they are not licensed by a reputable financial regulator. We strongly advise against opening an account with any unregulated forex broker, no matter how good they may sound or sell themselves to be. A lot of them offer very enticing sign up bonuses which they can afford to do because they never intend on letting you withdraw your money!

The top forex brokers in the world are often regulated in multiple countries, most commonly australia and the united kingdom. Cyprus is another popular country for regulation.

If we were only allowed to provide 1 piece of advise on choosing a forex broker, we would say go with a broker who is regulated in either the UK, australia or both would be ideal. These are reputable countries where english is the primary language and thus it would be easy to communicate with them.

Forex broker rankings by category

category	broker name	trust score	reviews
best overall broker	XM	99 / 100	XM reviews
best no deposit accounts	instaforex	80 / 100	instaforex reviews
best broker for beginners	XM	99 / 100	XM reviews
best VIP service	XM	99 / 100	XM reviews
lowest spreads	fxglobe	88 / 100	fxglobe reviews
fixed spreads	hotforex	94 / 100	hotforex reviews
best PAMM accounts	XM	99 / 100	XM reviews
best demo accounts	london capital group	99 / 100	london capital group reviews
best micro accounts	XM	99 / 100	XM reviews
best mini accounts	HYCM	74 / 100	HYCM reviews
best scalping accounts	XM	99 / 100	XM reviews
best islamic accounts	XM	99 / 100	XM reviews

The above table contains the top ranked forex brokers in our database for each category. You can click a category to view more rankings for that category.

How are the ranks determined?

We provide an internal review and scorecard for every forex broker listed on our website, which can be viewed by clicking the broker’s name.

Our trust score system provides a fair way to compare every broker as they are all scored on the same criteria.

Our users also submit reviews which can also be viewed by going to the broker’s page. User scores are averaged and displayed where available.

Compare forex brokers

When it comes to comparing forex brokers, there are quite a lot of factors that you could compare. We'll list the most common comparison points below:

• Regulatory information


• Spreads


• Support methods and languages


• Banking methods


• Sign up and ongoing bonuses


• Trading platforms


• Types of accounts

With the major comparisons above and many more, it quickly becomes a difficult task to really put brokers side by side and make a decision. Our rankings system should help you narrow down your selections. We have a rankinkg list for different categories, as well as our own scoring system whereby we start each broker at 100 points and subtract points based on features that they don't have that we would expect a top forex broker to have.

Top 10 best 5 digit forex brokers for 2021

Top rated:

Five digits forex brokers really have helped the whole trading industry to grow rapidly, and helped thousands of traders to get more transparent pricing while trading forex and many other assets.

That’s why if you’re interested in forex trading and 5 digit forex brokers, you can simply check out our top 10 best forex brokers article.

In fact, to date there’s not a single forex broker that is not offering this kind of feature, and reading the best forex brokers article can be a very efficient shortcut.

Going back to the main topic, without further ado, let’s get into discovering the best 5 digit forex brokers.

Table of contents

What is a 5-digit forex broker?

Simply put, a 5-digit broker is a broker that offers a 5-digit decimal pricing system. Unlike other brokers that only offer a 4-digit pricing system. 5-digit pricing systems are a relatively new concept that have slowly gained traction since 2007, where before then no one had heard of a 5-digit pricing system. Although now you will see that a lot of brokers use 5-digit pricing systems as part of their approach these days since there are many benefits. Some benefits include paying less for your trades, as well as better execution speeds.

Top 10 of the best five digit forex brokers

1. IC markets

IC markets was founded in 2007 and is based in sydney and is the first australian forex broker. IC markets minimum deposit is $0, which is great for a lot of people who want to sign up and take a look around and become familiar. In terms of available trading platforms, IC markets allows for the likes of ctrader, mirror trader, MT4 and MT5 as these are some of the most popular and well-known trading platforms. One of the great things about IC markets is that it is completely possible to link your IC account to zulutrade, which a lot of people are using these days. Spreads on IC markets start out at 0 pips and will gradually get larger as you trade the more exotic pairs. Algo trading is also allowed on IC markets, so those of you have a particular algorithm that you might have used with another broker, you can use it on IC markets too.

2. Pepperstone

This broker was founded later on in 2010 and has quickly risen to be one of the largest and most popular forex trading brokers in all of australia. Pepperstone has lightning fast execution rates in less than

30ms, which is great for scalpers and traders who use expert advisors. The minimum deposit for the pepperstone broker is $200, so this requires you to deposit a rather large sum upfront in order to open an account. The available trading platforms for pepperstone are as follows; ctrader, MT4 & MT5. Like IC markets, it is possible to link your pepperstone account to zulutrade allowing for a seamless trading experience. Pepperstone is also another platform that features incredibly low spreads, starting at 0 pips but increasing when you start to trade more exotic pairs.

3. Avatrade

We have previously mentioned australian brokers, but now we will give a brief overview of an irish broker that is amongst the top international forex brokerage firms. Avatrade is a well regulated firm by the central bank of ireland giving it a huge reputation. The minimum deposit isn’t as large as pepperstone with a $100 minimum deposit threshold. The good thing about avatrade is that they allow for the following trading platforms; mirror trader, MT4, MT5 and proprietary web platform. And again it is possible to link your account with zulutrade. Avatrade includes fixed spreads on their currency pairs at 0.9 pips, unlike other firms where spreads start at 0 pips. For those traders who trade with algo’s they are also available on avatrade, to help automate your trading.

XM.Com is another reputable broker that was founded in 2009 in cyprus, and has since become one of the largest foreign exchange brokers in their home country. The unique quality about XM is their extremely low deposit rates, making it an attractive broker for traders who have little capital to get going. Having high deposit rates can send some traders away because they simply do not have the startup capital readily available. For those of you who fall into that bracket, XM might be the broker for you. Another great quality of XM is their range of accounts catering to all kinds of traders; micro account, standard account & XM zero accounts. Spreads for XM.Com start at 0 like a lot of other brokers. Much like other popular trading platforms, algo trading is allowed on XM.Com.

5. Forex.Com

One of the oldest forex brokers, and most popular, forex.Com was founded at the end of the 20th century in 1999 in new jersey, and is a subsidiary of a company called gain capital. They have one of the highest deposit rates of $250, so this broker isn’t for the faint-hearted, but is still a reputable brokerage. The available trading platforms at forex.Com include the popular MT4 and their own proprietary platform. Forex.Com has some of the lowest spreads in the industry starting at 0.2 pips. Algo trading is also available with this broker too.

6. Fxpro

Founded in 2006, fxpro is an english broker of great acclaim as this is one of the key brokers in the no desk dealing category. Because fxpro is a no desk dealing platform, they can often get the best rates of currencies as they are dealing with multiple liquidity providers, unlike the alternative desk dealing brokers. Their minimum deposit rate currently stands at $100 which is pretty average for this size of broker. Traders who use fxpro are able to use popular trading platforms such as ctrader, MT4 as well as MT5 to execute their trades. Fxpro’s spread is the highest in this list with 1 pip, and currently allows the use of algo trading.

7. Plus500

Plus500 is another popular broker, and is what’s known as a CFD broker which stands for contract for differences. It is an arrangement made where the differences in the settlement of an asset between the open and closing trade prices are settled in cash. The minimum deposit for this broker is $100, the same as fxpro and avatrade. However, when it comes to trading platforms, the only available platform for use is plus500’s own proprietary platform, but traders seem to like it. In terms of spreads, plus500 have set their spreads to start at 0.6 pips. Furthermore, unlike the other forex brokers on this list, plus500 have actually excluded the use of algo trading on their platform.

8. Oanda

Oanda is another one of the forex broker powerhouses. It was founded in the united states in 1995 making it one of the oldest brokers in the world, and it amongst the biggest players when it comes to the foreign exchange market. They have set their minimum deposit rate at $0 making a great starting point for new traders, and more experienced traders looking for a change of broker. Much like plus500, oanda only features its own proprietary trading platform, which means that you can’t use others such as MT4 or MT5. This might be a deal breaker for some as they might only be comfortable using another platform. Another good thing about oanda is the fact that they have spreads that start at 0 pips, which is brilliant for new traders who want to minimize risk. They also allow for the use of algo trading on their own platform.

9. IG markets

IG markets is another english broker and is one of the old english brokers as it was founded all the way back in 1974. IG markets is a very popular broker in the foreign exchange market boasting thousands of users. Although it is one of the older brokers in the business they have a minimum deposit rate of $250, making it one of the more expensive brokers to start with. They too have their own proprietary trading platform with a sleek design and excellent news feed making it a very attractive platform. Furthermore, they allow for the use of algo trading on their platform too.

10. Saxo bank

Saxo bank was founded in copenhagen, denmark back in 1992. However, unlike the other brokers on this list, saxo has one fundamental difference. It is a bank. Another not so subtle difference is its minimum deposit rate, which currently stands at $2000 so this broker definitely isn’t for everyone since not a lot of people will have $2000 ready to deposit into a trading account. Saxo bank features its own proprietary trading platform instead of other popular platforms like MT4 or MT5. It also has some of the highest spreads when compared to other brokers, with saxo’s starting at 0.8 pips. Saxo bank also allows algo trading on their proprietary trading platform.

Why are 5 digits important with forex brokers?

Before 5 digits became the norm with forex brokers, many if not all brokers were using a 4-digit price system. However, most forex brokers have started using a 5-digit price system on their platforms now. Why is this? One reason is that 5-digits give traders more accuracy, and there is a lot more information with the extra digit as prices can be broken down further. The addition of this extra digit allows traders who don’t have large accounts to trade half pips instead of full pips. For scalpers, this is great news as the extra digit can give them pin-point accuracy and more room to play with. Another important reason for the importance of a 5-digit pricing system is that it has reduced the cost to trade making it cheaper for traders to execute trades.

Price movements: 5-digit vs 4-digit broker

Here is an example of the old 4-digit spread vs the new and improved 5-digit spread. For example, say we had a 4-digit price on the EUR/USD of 1.5840 bid/1.5842ask (2 pips).

And now let’s examine what a 5-digit spread would like in comparison to the 4-digit one; EUR/USD of 1.58401 bid/1.58428 ask (2.8 pips).

You can see the difference between the two, where you get 0.8 extra pips of information with 5 digits which is more accurate when compared to the 2 pips with the 4 digits.

Here’s another example; let’s say we have a bid/ask price on GBP/USD of 1.4123 bid/1.4123 ask. You can see that there is a spread of 0 pips when using a 4-digit price system. However, when we consider a 5-digit price system we get more information leading to more accuracy. 1.41230 bid/ 1.41234 ask, which is a spread of 0.4 pips. Again we can see here that we have more information to work with, because with 4-digits you can’t detect spreads lower than 1 as it always appears to be 0 without the decimals.

With the accuracy given by the 5th digit means better transparency for traders, which forex brokers call precision pricing.

Forex trading platforms with 5-digit pricing

More and more trading platforms are conforming to the 5-digit pricing system, such as the following:

• Metatrader 4


• Metatrader 5


• Ctrader

Expert advisors trading with 5-digit brokers

Some expert advisors that have been built on the basis of 5-digit pricing systems are not compatible with forex brokers who offer 4-digit prices. So keep this in mind when you are looking for a forex broker, as you will need to find out if they can handle expert advisors that have been calibrated using 5-digits. Furthermore, in the case that they are compatible they run the risk of being less efficient, which in turn will have a negative impact on your trading results. The reason for this is due to the fact that 5-digit robots are more precise and efficient, but only when they have the relevant data to work with.

Pros of a 5-decimal pricing system

There are some pros when dealing with a 5-decimal pricing system, which include the likes of lower spreads. It also incentivises higher trading volume by reducing overall trading costs, and this will entice traders to join a platform, so they aren’t paying as much to be able to trade. One of the most attractive things about a 5-decimal pricing system is its level of accuracy and precision when it comes to filling orders. Accuracy is everything when it comes to trading, as it could mean the difference between being filled and missing a profitable trade. It also promotes high frequency trading, which is a method of trading that includes the use of high-level programs to compute large amounts of orders in a fraction of a second. It also uses powerful algorithms that are capable of analyzing multiple markets at once.

Fxdailyreport.Com

The question of choosing the best forex broker for beginners is a matter that any trader who wants to succeed in forex trading has to consider very seriously. Unfortunately, the subject is never mentioned in most of the so-called “intensive” forex seminars that many retail traders attend before putting their money into this risky market. Retail traders cannot trade the forex market directly. They can only do this through the services provided by forex brokers, who provide the trading platforms that connect all the players of the market together.

There is a huge difference between trading forex for beginners and when more experienced traders trade forex. There are certain needs beginner traders have and these must be reflected in the choice of the best forex broker for beginners. Choosing the best forex brokers for beginners must incorporate as an integral goal, helping such beginner traders to make progress in their learning curve.

Top recommended forex brokers for beginners

broker	info	bonus	open account
	min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
	min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
	min deposit: $5 spread: from 0 pips leverage: 888:1 “*this leverage does not apply to all the entities of XM group.” regulation: ASIC, cysec, IFSC belize	“50% +20% deposit bonus up to $5,000, loyalty program bonus “*clients registered under the EU regulated entity of the group are not eligible for the bonus and the loyalty program”	visit broker
	min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
	min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
	min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
	min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
	min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
	min deposit: $10 spread: leverage: regulation: cysec	-	visit broker
	min deposit: $200 spread: from 3 pips leverage: 400:1 regulation: NFA, FCA, cysec	visit broker

How to choose the best forex brokers for beginners

There are many forex brokers out there; you will get the good, the bad and the very ugly. Choosing a suitable broker is indeed a daunting task. The sweetly-worded and glamorously designed sales pages have conspired to make this so. You need to be able to sift the wheat from the chaff so your requirements are met and safety of your funds guaranteed.

What should you consider when choosing the best forex brokers for beginners?

1) regulation
regulation comes first on the list because if a broker is tightly regulated, 70% of broker-related issues suffered by traders would have been solved. The forex market in itself may be unregulated as there is no centralized exchange, but companies who do the business of forex brokerage are under regulatory supervision. In the US, this job belongs to the national futures association (NFA) and commodity futures trading commission (CFTC). Recently, the CFTC punished a forex broker and ordered them to pay $14 million in fines and compensations to clients for trading-related infractions. This is how powerful the regulation in the US can be and underscores the importance of ensuring that brokers are subject to regulation.

In the european union, brokers are subject to the mifid regulatory protocol. The financial conduct authority does the business in the united kingdom. It is very easy to verify a broker’s status from any of these agencies, especially as many brokers now operate branches from different continents. Information about a broker’s track record is also obtainable from the various online forex forums we have out there on the internet.

The best online forex brokers for beginners are those who are regulated. Regulation affords traders a high level of protection. Beginners are like babies; vulnerable and blissfully unaware of the dangers around them. They therefore need all the protection they can get and using a regulated broker affords them this protection.

2) customer service
A good forex broker should have a direct channel customer support system. In today’s financial trading world, having an instant response email, call me back and live chat feature are very basic requirements. It is simply unthinkable that a broker who makes so much money from commissions and spread charges cannot afford to put in place such instant communication systems. So the best forex trading brokers for beginners are those who provide a means of instant and fast communication.

3) transparent trading process
one practice that poses problems to all traders is lack of transparency among brokers. One of such practices is stop hunting. This is a practice of some unscrupulous market maker brokers who move prices using a dealing desk to stop out trades even when true market prices are still a few pips away. Forex capital markets (FXCM LLC) was punished some years back by the CFTC for this infraction. Beginner traders are usually unaware of such practices. Experienced traders usually know how to navigate these bumps along the way but this is not the case for beginners. Stop hunting, excessive slippages and platform freezes are things to look out for and where these occurrences are regular with a broker, you need to avoid such a broker like the plague. So trusted forex brokers for beginners are those who provide transparency in pricing and other trading operations, thus providing a level playing field.

4) trading software
top forex brokers for beginners are those who provide user-friendly trading software for their clients. A user-friendly platform makes the trading process less stressful. Many proprietary platforms make the job of trading difficult, with confusing interfaces or multi-step ordering processes.

5) education portal
the best forex brokers for beginners are those who realize that those clients of theirs who are new to the game require some help in the form of educational material so they know what they are getting into. This is why many brokers now have portions of their websites devoted to educational resources. A lot of these resources are put together by experienced traders and can provide a comprehensive learning experience for beginner traders.

6) social trading
finally, the best forex brokers for beginners are those which offer social trading platforms for their beginner traders. Social trading provides a form of mentoring for beginner traders by allowing them to copy the same trades that the experienced traders are executing on the platforms. Trading in such communities simulates the same mentoring setup which is found in institutional trading desks. So if a forex broker offers social trading, such a broker is well on its way to being described as one of the best forex brokers for beginners.

Our recommended: join etoro social trading connects over 5 million traders worldwide

You can see that there are many issues that beginner traders must consider before choosing a forex broker. The best forex brokers for beginners are those which actually contribute to the trader’s learning experience. Beginners should look out for these brokers using the parameters spelt out above.

Related articles of best forex broker for beginners

Best forex IB (forex introducing broker) 2021

Bestforexib.Com is your one- stop place to help you find, compare and research all forex IB (forex introducing broker) and partner program in 2020!

Forex introducing broker or forex affiliate is a partnership program offered by forex brokers which allows individuals or businesses to earn revenue by referring traders to forex brokers, partners will start receiving commissions when referred clients open an account and start trading in real market. Becoming an introducing broker is simple and straight- forward, learn all about forex ibs right now, right here.

Rebate - up to 50% of spread

Regulated by cysec, ASIC

IB rebate - up to 6$ per lot

Regulated by IFSC, cysec

Rebate - up to 80$ per lot

For forex ibs, regulation and reliability of broker is as if they are hitting two birds with one stone, here’s how: forex ibs are definitely going to have a higher rate of success in attracting clients to forex brokers that are regulated, because regulations will provide a more secure and safe environment for clients' trading activity; then again, ibs are here for prompt crediting of commissions as well as fast withdrawals, this is not going to be smooth unless a fully regulated & trusted broker is in place.

Most forex partnership programs come with certain limitations and restrictions, some strict and some easy to go with. They are set by brokers either to reduce IB commissions or to push ibs to attract more clients. At times, if such requirements are not met, IB commissions won’t be available for withdrawal. Without a doubt, this is not appealing to introducing brokers, fortunately there are fine brokers with the least or no limitation at all in order to grab all the benefits.

4 important factors to consider before choosing your introducing broker

. Forex IB commission types and definitions . Receive a fixed rebate per each lot traded by your referred clients Receive a variable rebate based on your clients trading volume Receive rebates from traders attracted by other ibs you've introduced Receive rebates from traders referred by multi- level attracted ibs Get a fixed commission amount once your client signs up and trades Receive a percent of the profits made by your referred clients - latest ibs promotions & special offers FBS ipartner contest - top 3 winners will win apple devices (imac, iphone & ipad) - newest brokers IB programs added Join upcoming forex expos Meet ibs, partners & brokers Forex industry is now bigger than ever with many more brokers popping up, and not every broker will lead you to success in forex partnership. Your forex broker reputability is one of the most important factors in driving more clients and making more commissions. A well- known brand name with its solid history will turn your forex partnership career into a very profitable business with less effort. Moreover, ibs & partners of reputable brokers will rapidly boost their conversion rate. Forex ibs success in attracting and maintaining clients is largely dependant upon trading conditions & trading products of the broker. Among the most competitive trading conditions are lowest spreads, trade execution speed, number of trading instruments in various markets (forex, stock, futures, metals) and trading products such as trading platforms, mobile trading, depositing\withdrawal methods and additional tools provided for traders to improve their trading experience. Before diving into how much forex ibs earn, let’s get the facts straight: Online FX trading is one of the most profitable businesses on the web. Forex is 24/7 - always trending and trading all over the world. Traders have access to trade financial markets forex, cfds, stock & metals Forex partners receive lifetime revenue from all their referred clients In online forex industry, brokers pay real high commission to partners Forex ibs earn fast - from the very first trade of their very first client Forex ibs & partners commissions earning is as follow: Forex ibs commission amount can be fixed or variable (depending on the type of partnership program), here we go with fixed amount (commission per lot) which is the most common type with standard trading accounts: Let's assume that your broker offers 10$ commission per lot for each trade of your referred client (s). You have attracted as low as 5 clients who opened\funded standard trading accounts and made the following trading activities during one month : Top 10 best 5 digit forex brokers for 2021 Top rated: Five digits forex brokers really have helped the whole trading industry to grow rapidly, and helped thousands of traders to get more transparent pricing while trading forex and many other assets. That’s why if you’re interested in forex trading and 5 digit forex brokers, you can simply check out our top 10 best forex brokers article. In fact, to date there’s not a single forex broker that is not offering this kind of feature, and reading the best forex brokers article can be a very efficient shortcut. Going back to the main topic, without further ado, let’s get into discovering the best 5 digit forex brokers. Table of contents What is a 5-digit forex broker? Simply put, a 5-digit broker is a broker that offers a 5-digit decimal pricing system. Unlike other brokers that only offer a 4-digit pricing system. 5-digit pricing systems are a relatively new concept that have slowly gained traction since 2007, where before then no one had heard of a 5-digit pricing system. Although now you will see that a lot of brokers use 5-digit pricing systems as part of their approach these days since there are many benefits. Some benefits include paying less for your trades, as well as better execution speeds. Top 10 of the best five digit forex brokers 1. IC markets IC markets was founded in 2007 and is based in sydney and is the first australian forex broker. IC markets minimum deposit is $0, which is great for a lot of people who want to sign up and take a look around and become familiar. In terms of available trading platforms, IC markets allows for the likes of ctrader, mirror trader, MT4 and MT5 as these are some of the most popular and well-known trading platforms. One of the great things about IC markets is that it is completely possible to link your IC account to zulutrade, which a lot of people are using these days. Spreads on IC markets start out at 0 pips and will gradually get larger as you trade the more exotic pairs. Algo trading is also allowed on IC markets, so those of you have a particular algorithm that you might have used with another broker, you can use it on IC markets too. 2. Pepperstone This broker was founded later on in 2010 and has quickly risen to be one of the largest and most popular forex trading brokers in all of australia. Pepperstone has lightning fast execution rates in less than 30ms, which is great for scalpers and traders who use expert advisors. The minimum deposit for the pepperstone broker is $200, so this requires you to deposit a rather large sum upfront in order to open an account. The available trading platforms for pepperstone are as follows; ctrader, MT4 & MT5. Like IC markets, it is possible to link your pepperstone account to zulutrade allowing for a seamless trading experience. Pepperstone is also another platform that features incredibly low spreads, starting at 0 pips but increasing when you start to trade more exotic pairs. 3. Avatrade We have previously mentioned australian brokers, but now we will give a brief overview of an irish broker that is amongst the top international forex brokerage firms. Avatrade is a well regulated firm by the central bank of ireland giving it a huge reputation. The minimum deposit isn’t as large as pepperstone with a $100 minimum deposit threshold. The good thing about avatrade is that they allow for the following trading platforms; mirror trader, MT4, MT5 and proprietary web platform. And again it is possible to link your account with zulutrade. Avatrade includes fixed spreads on their currency pairs at 0.9 pips, unlike other firms where spreads start at 0 pips. For those traders who trade with algo’s they are also available on avatrade, to help automate your trading. XM.Com is another reputable broker that was founded in 2009 in cyprus, and has since become one of the largest foreign exchange brokers in their home country. The unique quality about XM is their extremely low deposit rates, making it an attractive broker for traders who have little capital to get going. Having high deposit rates can send some traders away because they simply do not have the startup capital readily available. For those of you who fall into that bracket, XM might be the broker for you. Another great quality of XM is their range of accounts catering to all kinds of traders; micro account, standard account & XM zero accounts. Spreads for XM.Com start at 0 like a lot of other brokers. Much like other popular trading platforms, algo trading is allowed on XM.Com. 5. Forex.Com One of the oldest forex brokers, and most popular, forex.Com was founded at the end of the 20th century in 1999 in new jersey, and is a subsidiary of a company called gain capital. They have one of the highest deposit rates of $250, so this broker isn’t for the faint-hearted, but is still a reputable brokerage. The available trading platforms at forex.Com include the popular MT4 and their own proprietary platform. Forex.Com has some of the lowest spreads in the industry starting at 0.2 pips. Algo trading is also available with this broker too. 6. Fxpro Founded in 2006, fxpro is an english broker of great acclaim as this is one of the key brokers in the no desk dealing category. Because fxpro is a no desk dealing platform, they can often get the best rates of currencies as they are dealing with multiple liquidity providers, unlike the alternative desk dealing brokers. Their minimum deposit rate currently stands at $100 which is pretty average for this size of broker. Traders who use fxpro are able to use popular trading platforms such as ctrader, MT4 as well as MT5 to execute their trades. Fxpro’s spread is the highest in this list with 1 pip, and currently allows the use of algo trading. 7. Plus500 Plus500 is another popular broker, and is what’s known as a CFD broker which stands for contract for differences. It is an arrangement made where the differences in the settlement of an asset between the open and closing trade prices are settled in cash. The minimum deposit for this broker is $100, the same as fxpro and avatrade. However, when it comes to trading platforms, the only available platform for use is plus500’s own proprietary platform, but traders seem to like it. In terms of spreads, plus500 have set their spreads to start at 0.6 pips. Furthermore, unlike the other forex brokers on this list, plus500 have actually excluded the use of algo trading on their platform. 8. Oanda Oanda is another one of the forex broker powerhouses. It was founded in the united states in 1995 making it one of the oldest brokers in the world, and it amongst the biggest players when it comes to the foreign exchange market. They have set their minimum deposit rate at $0 making a great starting point for new traders, and more experienced traders looking for a change of broker. Much like plus500, oanda only features its own proprietary trading platform, which means that you can’t use others such as MT4 or MT5. This might be a deal breaker for some as they might only be comfortable using another platform. Another good thing about oanda is the fact that they have spreads that start at 0 pips, which is brilliant for new traders who want to minimize risk. They also allow for the use of algo trading on their own platform. 9. IG markets IG markets is another english broker and is one of the old english brokers as it was founded all the way back in 1974. IG markets is a very popular broker in the foreign exchange market boasting thousands of users. Although it is one of the older brokers in the business they have a minimum deposit rate of $250, making it one of the more expensive brokers to start with. They too have their own proprietary trading platform with a sleek design and excellent news feed making it a very attractive platform. Furthermore, they allow for the use of algo trading on their platform too. 10. Saxo bank Saxo bank was founded in copenhagen, denmark back in 1992. However, unlike the other brokers on this list, saxo has one fundamental difference. It is a bank. Another not so subtle difference is its minimum deposit rate, which currently stands at $2000 so this broker definitely isn’t for everyone since not a lot of people will have $2000 ready to deposit into a trading account. Saxo bank features its own proprietary trading platform instead of other popular platforms like MT4 or MT5. It also has some of the highest spreads when compared to other brokers, with saxo’s starting at 0.8 pips. Saxo bank also allows algo trading on their proprietary trading platform. Why are 5 digits important with forex brokers? Before 5 digits became the norm with forex brokers, many if not all brokers were using a 4-digit price system. However, most forex brokers have started using a 5-digit price system on their platforms now. Why is this? One reason is that 5-digits give traders more accuracy, and there is a lot more information with the extra digit as prices can be broken down further. The addition of this extra digit allows traders who don’t have large accounts to trade half pips instead of full pips. For scalpers, this is great news as the extra digit can give them pin-point accuracy and more room to play with. Another important reason for the importance of a 5-digit pricing system is that it has reduced the cost to trade making it cheaper for traders to execute trades. Price movements: 5-digit vs 4-digit broker Here is an example of the old 4-digit spread vs the new and improved 5-digit spread. For example, say we had a 4-digit price on the EUR/USD of 1.5840 bid/1.5842ask (2 pips). And now let’s examine what a 5-digit spread would like in comparison to the 4-digit one; EUR/USD of 1.58401 bid/1.58428 ask (2.8 pips). You can see the difference between the two, where you get 0.8 extra pips of information with 5 digits which is more accurate when compared to the 2 pips with the 4 digits. Here’s another example; let’s say we have a bid/ask price on GBP/USD of 1.4123 bid/1.4123 ask. You can see that there is a spread of 0 pips when using a 4-digit price system. However, when we consider a 5-digit price system we get more information leading to more accuracy. 1.41230 bid/ 1.41234 ask, which is a spread of 0.4 pips. Again we can see here that we have more information to work with, because with 4-digits you can’t detect spreads lower than 1 as it always appears to be 0 without the decimals. With the accuracy given by the 5th digit means better transparency for traders, which forex brokers call precision pricing. Forex trading platforms with 5-digit pricing More and more trading platforms are conforming to the 5-digit pricing system, such as the following: Metatrader 4 Metatrader 5 Ctrader Expert advisors trading with 5-digit brokers Some expert advisors that have been built on the basis of 5-digit pricing systems are not compatible with forex brokers who offer 4-digit prices. So keep this in mind when you are looking for a forex broker, as you will need to find out if they can handle expert advisors that have been calibrated using 5-digits. Furthermore, in the case that they are compatible they run the risk of being less efficient, which in turn will have a negative impact on your trading results. The reason for this is due to the fact that 5-digit robots are more precise and efficient, but only when they have the relevant data to work with. Pros of a 5-decimal pricing system There are some pros when dealing with a 5-decimal pricing system, which include the likes of lower spreads. It also incentivises higher trading volume by reducing overall trading costs, and this will entice traders to join a platform, so they aren’t paying as much to be able to trade. One of the most attractive things about a 5-decimal pricing system is its level of accuracy and precision when it comes to filling orders. Accuracy is everything when it comes to trading, as it could mean the difference between being filled and missing a profitable trade. It also promotes high frequency trading, which is a method of trading that includes the use of high-level programs to compute large amounts of orders in a fraction of a second. It also uses powerful algorithms that are capable of analyzing multiple markets at once. So, let's see, what we have: forex trading broker. Best choice brokers for trading 2021. The best conditions for trading in your country. Learn how to trade with us. At best forex broker 2021 Contents of the article Forex trading brokers – best choice 2021 New forex bonuses Who is an FX broker? Top forex brokers for your country: Updated january , 2020 Fxdailyreport.Com Top recommended forex brokers for beginners How to choose the best forex brokers for beginners Best forex broker for 2021 ( ECN brokers) What is forex trading? Best forex broker (ECN brokers) What is the forex broker? Forex market categories How the forex broker makes a profit? Best forex brokers in india 2021 Overview The best forex brokers in india Saxo bank PROS CONS FOREX.Com PROS CONS Interactive brokers PROS Cons Fxpro PROS CONS Etoro PROS CONS Olymp trade forex broker PROS CONS Octafx PROS CONS Libertex PROS CONS X.M. Group PROS CONS Wrap up Best forex brokers Top forex brokers reviewed & rated New to forex trading? Your journey starts here Latest articles read all articles The 3 golden rules of forex trading The importance of trading with a regulated forex... Mentality of a forex trader What is leverage in forex? Identifying flaws in profitable forex systems What are the best currency pairs for scalping? Unbiased reviews you can trust Our simple rules Best forex brokers by country Quick tips on finding the best forex broker Forex broker rankings by category How are the ranks determined? Compare forex brokers Top 10 best 5 digit forex brokers for 2021 Top rated: Table of contents What is a 5-digit forex broker? Top 10 of the best five digit forex brokers 1. IC markets 2. Pepperstone 3. Avatrade 5. Forex.Com 6. Fxpro 7. Plus500 8. Oanda 9. IG markets 10. Saxo bank Why are 5 digits important with forex brokers? Price movements: 5-digit vs 4-digit broker Forex trading platforms with 5-digit pricing Expert advisors trading with 5-digit brokers Pros of a 5-decimal pricing system Fxdailyreport.Com Top recommended forex brokers for beginners How to choose the best forex brokers for beginners Best forex IB (forex introducing broker) 2021 4 important factors to consider before choosing... Top 10 best 5 digit forex brokers for 2021 Top rated: Table of contents What is a 5-digit forex broker? Top 10 of the best five digit forex brokers 1. IC markets 2. Pepperstone 3. Avatrade 5. Forex.Com 6. Fxpro 7. Plus500 8. Oanda 9. IG markets 10. Saxo bank Why are 5 digits important with forex brokers? Price movements: 5-digit vs 4-digit broker Forex trading platforms with 5-digit pricing Expert advisors trading with 5-digit brokers Pros of a 5-decimal pricing system Subscribe to: Post Comments (Atom) Blog Archive December 2022 (3) November 2022 (3) October 2022 (4) September 2022 (4) August 2022 (3) July 2022 (4) June 2022 (4) May 2022 (4) April 2022 (2) March 2022 (4) February 2022 (5) January 2022 (2) December 2021 (5) November 2021 (3) October 2021 (4) September 2021 (3) August 2021 (4) July 2021 (2) June 2021 (6) May 2021 (2) April 2021 (4) March 2021 (4) February 2021 (8) January 2021 (8) December 2020 (11) November 2020 (10) October 2020 (11) September 2020 (11) August 2020 (11) July 2020 (11) June 2020 (10) May 2020 (10) April 2020 (11) March 2020 (11) February 2020 (10) January 2020 (8) December 2019 (11) November 2019 (11) October 2019 (11) September 2019 (9) August 2019 (12) July 2019 (11) June 2019 (10) May 2019 (9) April 2019 (12) March 2019 (10) February 2019 (9) January 2019 (9) December 2018 (10) November 2018 (11) October 2018 (11) September 2018 (10) August 2018 (12) July 2018 (10) June 2018 (10) May 2018 (10) April 2018 (11) March 2018 (9) February 2018 (10) January 2018 (9) December 2017 (11) November 2017 (10) October 2017 (11) September 2017 (11) August 2017 (11) July 2017 (3) Forex Bonus, Free No Deposit Bonuses, Top Rated offers from forex brokers online. 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